Introduction

“Blockchain devices market to grow at CAGR of 42.5% from 2019 to 2024”

The blockchain devices market is projected to grow from USD 218 million in 2019 to USD 1,285 million by 2024, at a CAGR of 42.5% from 2019 to 2024. Some of the major growth drivers for this market include increasing adoption of blockchain technology in retail & supply chain management, rising venture capital funding, and growing market cap for cryptocurrency and Initial Coin Offering (ICO). One of the key opportunities for the market is the increasing acceptance of cryptocurrency across various industries and regions. Whereas, major factors restraining the market growth include uncertain regulations & compliances and lack of awareness.

Crypto hardware wallets segment to hold the largest share of blockchain devices market during the forecast period

Crypto hardware wallets are among the most secure methods of storing cryptocurrencies. They contain a range of security features to protect digital currency keys. These wallets allow traders to store the keys safely and also protect the information from malware. Crypto hardware wallets are protected using PINs. They also include other security features such as a screen for viewing transaction details and buttons to verify the transactions manually. Companies such as Ledger (France), Cylance (US), Blockchain Luxembourg S.A. (UK), and KASSE (US) are among the frontrunners in the development of crypto hardware wallets for the blockchain devices market.

Among the applications, the market for corporate to hold the largest share of Blockchain devices market from 2019 to 2024

Devices such as crypto ATMs, PoS devices, crypto hardware wallets, etc. are majorly used by corporate users to access blockchain from their systems. PoS devices are used in the retail industry to carry out payments while other devices such as crypto ATMs, crypto hardware wallets, and blockchain gateways are used in different industry verticals such as BFSI, government, retail & e-commerce, travel & hospitality, automotive, transportation & logistics, IT & telecommunication, etc. to make their existing networks blockchain-enabled. Several traders use crypto hardware wallets to store their private keys, carry out payments, save smart contracts, and share data.

The Blockchain Devices market in APAC to grow at highest CAGR during the forecast period.

APAC is expected to be the largest blockchain devices market during the forecast period. This market is divided further into China, Japan, South Korea, India, Singapore, and the Rest of APAC. The Rest of APAC includes Malaysia, Thailand, Australia, and New Zealand. China is the largest market among all APAC countries. China, Japan, South Korea, and Singapore are witnessing growth in the blockchain devices and its start-ups. Various major industry such as BFSI, government, retail industries in this region is rapidly deploying blockchain devices in their networks.